Cathie Wood, Ark Invest report predicts bitcoin could reach $1 million by 2030.
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According to the firm’s “Big Ideas 2022” outlook report prepared by ARK analyst Yassine Elmandjra, the world’s largest cryptocurrency value will soar in the next decade as more investors adopt the digital currency. Furthermore, Elmandjra, who noted that bitcoin’s market capitalization is still a fraction of global assets, will experience massive growth in value as nations like El Salvador adopt it as a legal tender.
Bitcoin’s cumulative transfer volume last year surged by 463%.
The ARK report also noted that the Bitcoin blockchain gradually takes a significant percentage of the global settlement network. Notably, Bitcoin’s cumulative transfer volume last year surged by 463%, and the network’s annual settlement volume surpassed that of popular payment provider Visa. ARK Invest has significant exposure in both cryptocurrencies via its Grayscale Bitcoin and Ethereum Trust investments. Following its investments in the two largest cryptocurrencies by market cap, the firm has predicted that the price of both digital currencies will surge tremendously in the coming years.
Ethereum’s market cap may exceed 20 trillion by 2030.
Cathie Wood’s ARK Investment report also made optimistic predictions for the second-largest cryptocurrency by market capitalization, Ethereum. Per the report, Ethereum’s market capitalization, which currently is at $292.8 billion according to data on Coingecko, will exceed $20 trillion in the next decade. With ARK Investment predicting that Ethereum market capitalization will exceed $20 trillion in 2030, a unit of ETH could sell around $168,000. According to the research, Ethereum could displace many traditional financial services, and its native token, ether, could compete as global money. As financial services move on-chain, decentralized networks are likely to take share from existing financial intermediaries.
Cryptocurrency
